Vivo Brazil launches new digital banking service

Details: Vaughan O'Grady; Category: Mobile Finance; 30 April 2021; 9303 views

Brazilian operator Telefônica Brasil, known as Vivo, has announced the launch of Vivo Pay, which is described as a fully digital account that allows for banking transactions directly through an application.

The new service, which is not exclusive to Vivo customers, is described by Vivo as “a step forward in the company's strategy around financial services and contributes to incentivizing the financial inclusion of the general public, enabling its users to pay bills, send and receive money via PIX, and top up their mobile plans”. Vivo Pay also offers a virtual prepaid card for online purchases.

Additional benefits of the new service, which will be rolled out over time, will include allowing users to withdraw money from an ATM without the need for a credit card, to recharge a public transport card and to be connected to other Vivo products and services.

There’s also an offering called 'Gigaback', through which customers can earn up to 20 GB for browsing the internet and using different Vivo Pay functions, such as completing the registration of a digital account or making a first deposit on the account.

For the company, the new app represents another important move in the financial services area; in October, the firm launched Vivo Money to offer personal loans to its clients. Vivo Pay reinforces the company's aim to be a hub for digital services in a country where much of the population is underbanked or unbanked.